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Cimarex Energy Prices $750 Mln Of Senior Notes

Cimarex Energy Co. (XEC) said Thursday that it has priced an offering of $750 million aggregate principal amount of senior notes due 2022, which will carry an interest rate of 5.875%.

This was an increase from the company's earlier plan to offer $650 million aggregate principal amount of senior unsecured notes due 2022

The notes were sold to the public at par.

Cimarex plans to use a portion of the net proceeds from the offering to purchase any and all of the outstanding $350 million aggregate principal amount of its 7.125% Senior Notes due 2017, pursuant to a separately announced tender offer and to redeem any of such outstanding notes not acquired in the tender offer.

The company plans to use the remaining net proceeds for general corporate purposes, including repayment of amounts outstanding under its revolving credit facility.

by RTT Staff Writer

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